As per news reports, the venture capital firm has invested an undisclosed amount in Bengaluru-based omnichannel e-commerce start-up Zoomtail Technologies’ seed funding round. Matrix made this investment along with V1 Capital, Anshuman Bapna, Kunal Shah and Shamik Sharma.
Zoomtail is a fashion e-commerce platform for small and medium-sized enterprises that offers a chat-based platform for small fashion retailers to discover latest fashion trends, purchase inventory and create an omnichannel experience. The fresh funds will be used to expand the team and build a technology platform for retailers and SMEs which will help them trade and expand their customer base and network reach.
Zoomtail founders Varun Jain and Swadesh Srivastava said, “our vision is to enable fashion SMEs, and people working in them, by giving them easy to use tools to be more effective and expand their business.”
Matrix Partners India raised its third fund of over $300 million this month, and it has approximately $1 billion (₹7,117 crores) under its management. It aims at investing in companies and start-ups working across consumer and enterprise market at the seed, early and early growth stages.
Earlier, Matrix has invested in companies such as Ola, Quikr, Limeroad, Treebo, Mswipe, Practo, Dailyhunt, Five Star Business Finance, Razorpay, Vogo and ZipLoan.